London risks losing status as financial centre of the EU

London is currently considered to be the financial capital of Europe, however, this could change after Britain leaves the EU.

Around 80% of foreign exchange trading and almost a third (30%) of bank lending in the EU goes through Britain. Mark Carney, governor of the Bank of England, has said that London is “effectively, the investment banker for Europe”.

However, London’s status as the financial centre is under threat because of Brexit.

London is currently the financial centre of Europe.

Several EU policymakers have said that euro denominated transactions should be based within the euro zone after Britain leaves the bloc.